Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Equity Bottom-Up

<ul>
<li>In this Insight, we review the recent performance of <a href="https://www.smartkarma.com/entities/abb-india-ltd" target="_blank" data-smartkarma-citation="entities:8703:1" rel="noopener">ABB India Ltd (ABB IN)</a> , <a href="https://www.smartkarma.com/entities/siemens-ltd" target="_blank" data-smartkarma-citation="entities:6440:1" rel="noopener">Siemens Ltd (SIEM IN)</a> , <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a>. </li>
<li>Most companies have performed in line with our expectations, we expect sectorial dynamics to remain in play. </li>
<li>We continue to favour ABB over Siemens (ABB/SIEM), Polycab over Havells (POLYCAB/HAVL).</li>
</ul>


In this Insight, we review the recent performance of ABB India Ltd (ABB IN) , Siemens Ltd (SIEM IN) , Polycab India (POLYCAB IN) and Havells India (HAVL IN). 
Most companies have performed in line with our expectations, we expect sectorial dynamics to remain in play. 
We continue to favour ABB over Siemens (ABB/SIEM), Polycab over Havells (POLYCAB/HAVL).


India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)</li><li>The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ Way</li><li>We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capex</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI has delivered a very successful highway program, following the advent of Bharatmala (BM-1)The huge scaling up of the NH program in terms of getting the model right, awarding, executing, financing, creating a highly competitive vendor ecosystem, and monetizing assets is no mean task and involves significant execution complexities that could have only been handled by the N’HAI’ WayWe have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards as NHAI is capable of meeting its debt commitments on its own and solely relying on budgetary support for additional NH capexContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

<ul><li>NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted</li><li>New NHAI project DPRs are currently under finalisation, which has caused a delay in ordering</li><li>We expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

NHAI’s H1FY24 awarding activity is muted, expect a pick-up in Q3FY24: With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained mutedNew NHAI project DPRs are currently under finalisation, which has caused a delay in orderingWe expect FY24 to be a truncated year for ordering with ~INR 500bn worth of project awards (vs average INR 1.2trn for the previous year)Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Industrials (Q2FY24 Results Preview): Lacking triggers

<ul>
<li>In this Insight, we review the recent performance of <a href="https://www.smartkarma.com/entities/abb-india-ltd" target="_blank" data-smartkarma-citation="entities:8703:1" rel="noopener">ABB India Ltd (ABB IN)</a>, <a href="https://www.smartkarma.com/entities/siemens-ltd" target="_blank" data-smartkarma-citation="entities:6440:1" rel="noopener">Siemens Ltd (SIEM IN)</a>, <a href="https://www.smartkarma.com/entities/polycab-india-ltd" target="_blank" data-smartkarma-citation="entities:27877:1" rel="noopener">Polycab India (POLYCAB IN)</a> and <a href="https://www.smartkarma.com/entities/havells-india-ltd" target="_blank" data-smartkarma-citation="entities:9158:1" rel="noopener">Havells India (HAVL IN)</a> </li>
<li>Most companies have performed in line with our expectations, except for Polycab, which has exceeded our performance expectations.</li>
<li>We continue to favour ABB over Siemens (ABB/SIEM), Polycab over Havells (POLYCAB/HAVL)</li>
</ul>


In this Insight, we review the recent performance of ABB India Ltd (ABB IN), Siemens Ltd (SIEM IN), Polycab India (POLYCAB IN) and Havells India (HAVL IN) 
Most companies have performed in line with our expectations, except for Polycab, which has exceeded our performance expectations.
We continue to favour ABB over Siemens (ABB/SIEM), Polycab over Havells (POLYCAB/HAVL)


<ul><li>Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%</li><li>SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)</li><li>Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railways</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%SIL received new orders worth INR 52.9bn (+5.9/-7.1% YoY/QoQ)Supported by a healthy mix of orders both from the government and private sector, especially in infrastructure and railwaysContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

India

Apar Industries Ltd. manufactures aluminum conductors for power transmission. The Company also manufactures polymers, synthetic rubbers, latexes, transformer oils, pharmaceutical oils and other specialty oils.

Nava Bharat Ventures Limited manufactures ferro alloys which are utilized by the steel industry. The Company also generates & distributes power and manufactures sugar.

Balmer Lawrie & Company Ltd. operates in a diverse range of business areas as a manufacturer and service provider.  The Company produces industrial packaging products, greases and lubricants, performance chemicals and marine freight containers.  Services include tea exporting and trading, project engineering and consultancy and travel, tours and cargo.

Balmer Lawrie Investments Ltd., through subsidiaries, manufactures lubricating greases and lube barrels, exports tea, and operates travel and shipping businesses.

Jaiprakash Associates Ltd. is an industrial conglomerate.  The Company's lines of business include engineering and construction, cement, power, hospitality, real estate, and expressways and highways.

Adani Enterprises Limited is an international trading house that operates from offices in India as well as other countries. The Company is involved in coal mining, cargo handling and power generation.  Adani also trades in a large number of products including textiles, energy, metals and agricultural products.

Bharat Heavy Electricals Limited manufactures power plant equipment. The Company's products include gas turbines, generators, thermal sets, diesel shunters, turbo sets, hydro sets, power transformers, switch gears, circuit breakers and boilers. The Company also manufactures compressors, valves, rectifiers, pumps, capacitors, oil rigs, as well as castings and forgings.

CG Power and Industrial Solutions Limited manufactures, distributes, installs and services electrical and allied equipment. The Company offers transformers, reactors, switchgear control equipment and accessories, industrial motors, pumps, and communication systems. CG Power and Industrial Solutions serves customers globally. 

Bharat Electronics Ltd. manufactures electronic communication equipment, night vision equipment such as image converter tubes, night vision binoculars, and goggles, periscopes, gunsights and tank electronics.  The Company's electronic communication products include HF/VHF transmitters, receivers, microwave radio relays, radars and other electronic components required by defense services.

Cummins India Limited manufactures internal combustion engines, including diesel, reciprocating piston, gas turbine and gasoline engines. The Company also manufactures generating sets and public transport-type passenger motor vehicles, including luxury coaches and air-field buses.  In addition, Cummins India Ltd. operates a computerized and fully-equipped research and development facility.

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

Samsung C&T Corporation conducts diversified business support services and resort operation activities. The Company offers a range of services in areas including clothing retail, construction, energy, real estate, food service, and resort accommodations. Samsung C&T also operates a resort with amusement rides, a zoo, water park, golf clubs, and restaurants.

Toshiba Corporation manufactures and markets electrical and electronic products. The Company's products include digital products such as PCs and televisions, NAND flash memories, and system LSIs (large-scale integrated), as well as social infrastructures such as power generators, medical equipment, and home appliances.

Carlisle Companies Incorporated manufactures and distributes construction materials, transportation products, and general industry products.  The Company manufactures a variety of products for the roofing, real estate, construction, trucking, food-service, aircraft manufacturing, lawn and garden, and other industries.

Jardine Matheson Holdings Limited is a multinational enterprise with a portfolio of businesses focused on the Asia-Pacific region. The Group's activities include financial services, supermarkets, consumer marketing, engineering and construction, automobile trading, insurance broking, property investment, and hotels.

SM Investments Corporation is an investment holding company. The Company operates retail business and develops shopping mall and other real estate property.  The Company also provides tourism services.

CITIC Limited operates in a range of business activities including financial services, resources and energy, manufacturing, real estate and infrastructure, engineering contracting and other businesses in China and overseas.

Koninklijke Philips NV is a health technology company focused on improving people's health across the health continuum from healthy living and prevention, to diagnosis, treatment, and home care. The Company offers products and services in diagnostic imaging, image-guided therapy, patient monitoring and health informatics, as well as in consumer health and home care.

Rheinmetall AG is an automotive, electronics, defense, and engineering group. The Company produces automotive pumps and components to supply air, reduce emissions, and supply fuel, pistons for gasoline and diesel vehicle and stationary engines, bearings for engines and other applications and aluminum engine blocks, and offers aftermarket service to engine repair shops.

Lifco AB operates as a holding company. The Company, through its subsidiaries, provides dental products, machinery and tools, sawmill equipment, contract manufacturing, vehicle interiors, and environmental technology. Lifco offers its products through a network of subsidiaries and partnerships worldwide.

Siemens Ltd. has its operations in various areas: in the transportation sector it delivers high speed trains, in the lighting sector it manufactures small light bulbs. In the healthcare sector Siemens executes complete solutions for hospitals, for the industry sector it builds airports as well as produces contracts & for the communication segment it provides public network to mobiles.

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Siemens Ltd (SIEM IN)

India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

Recent performance of ABB India, Siemens, Polycab India, and Havells India reviewed. Sectorial dynamics expected to continue, with ABB and Polycab...

Pranav Bhavsar

Industrials: N’HAI’ Way

We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards

HDFC Securities

Industrials (Q2FY24 Results Preview): Lacking triggers

With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted

HDFC Securities

India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

In this analysis, we assess ABB IN, SIEM IN, POLYCAB IN, and HAVL IN. Most are on par with expectations, except Polycab, which exceeded them. Our...

Pranav Bhavsar

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

​Recent performance of ABB India, Siemens, Polycab India, and Havells India reviewed. Sectorial dynamics expected to continue, with ABB and Polycab...

Pranav Bhavsar

Industrials: N’HAI’ Way

We have done an in-depth analysis of the NHAI financial model and believe that concerns about debt may get tackled from FY31 onwards

HDFC Securities

Industrials (Q2FY24 Results Preview): Lacking triggers

With minimal awarding activity in Q2FY24 and just four projects in Q1FY24, the overall H1FY24 awarding activity remained muted

HDFC Securities

India Industrials | Quarterly Update - ABB India, Siemens, Polycab and Havells

In this analysis, we assess ABB IN, SIEM IN, POLYCAB IN, and HAVL IN. Most are on par with expectations, except Polycab, which exceeded them. Our...

Pranav Bhavsar

HSIE Results Daily: Siemens, Deepak Nitrite, Century Plyboards India, Sobha

Siemens India Ltd (SIL) delivered weak Q1FY24 revenue/EBITDA/APAT of INR 44.7/5.05/4.2bn, missing our estimates by 5/16/23%

HDFC Securities

Recent performance of ABB India, Siemens, Polycab India, and Havells India reviewed. Sectorial dynamics expected to continue, with ABB and Polycab...